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Project: business Maths

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# Project: business Maths - PowerPoint PPT Presentation

Project: business Maths. Justine Jaramillo 10C. Your wage is \$70,000 per annum from which you pay tax; calculate the tax to nearest dollar. [(70000-35000) × 0.3] [35000 × 0.3] + 4350 10500 + 4350 14850 Your tax will be \$14,850.

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## Project: business Maths

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### Project: business Maths

Justine Jaramillo 10C

Your wage is \$70,000 per annum from which you pay tax; calculate the tax to nearest dollar.
• [(70000-35000) × 0.3]
• [35000 × 0.3] + 4350
• 10500 + 4350
• 14850

Your tax will be \$14,850

After subtracting the tax from your wage, calculate you monthly take home wage
• (70000 – 14850) ÷ 12
• 55150 ÷ 12
• 4595.8333333333

Your monthly take home wage will be \$4,595.83

You purchase a motor bike for \$5,000 and sold it for \$4,000. Did you make a profit or loss. How much in percentage did you gain/loss

You made a loss because the bike was sold cheaper than you originally bought

• [(5000 – 4000) ÷ 5000] × 100
• [1000 ÷ 5000] × 100
• 0.2 × 100
• 20

The percentage that you loss is 20%

Assume that 8% of your annual income is \$4,000, what is your actual income
• (4000 ÷ 8) × 100
• 500 × 100
• 50000

Your annual income in \$50,000

Mortgage

The price of this house, with land, is around \$340,000. You were to buy this and put this on loan over 25 years and make monthly payments. Assuming that the current interest rate is 5% per annum compounding monthly, how much monthly repayment you have to pay on this loan

Mortgage (working out)
• 340000 [1 + (5 ÷ 12)/100]^(25 × 12)
• 340000 × 1.0041667^300
• 340000 × 3.481325121
• 1183650.541
• (1183650.541 ÷ 25) ÷ 12
• 47346.02164 ÷ 12
• 3945.501803

The monthly repayment you have in this loan is \$3,945.50

Car Loan

You purchased a car without a deposit. For convenience, you make repayments for 3 years at 8% rate of interest per annum at simple interest. What would be the monthly repayment if the car is \$250,000?

Car Loan (working out)
• 250000 × 3 × 0.08
• 60000
• [(250000 + 60000) ÷ 3] ÷ 12
• [310000 ÷ 3] ÷ 12
• 103333.33 ÷ 12
• 8611.11

Your monthly repayment will be \$8,611.11

Investment

You planned to invest \$8500 in a term deposit. You had two investment plans from which to choose:

Plan I Simple interest at 5% per annum

Plan II Compound interest at 5% per annum compounding every six months

Calculate the total interest earned if you invested you money using Plan I for a year
• 8500 × 0.05 × 1
• 425

The total interest earned if you invested in this plan is \$425

Calculate , to the nearest cent, the total interest earned if you invested you money using Plan II for a year
• 8500 [1 + (5 ÷ 2)/100]^1
• 8500 × 1.025^1
• 8500 × 1.025
• 8712.5
• 8712.5 – 8500
• 212.5

The total interest you would get if you use this plan is \$212.5

Calculate the simple interest rate that would provide the same total as earned under Plan II for an 8500 investment of \$8,500
• (8500 × 2.5 × 1) ÷ 100
• 21250 ÷100
• 212.5

Using the trial and error method, the interest rate can be found. The interest rate is 2.5%.